Abstract
The human activities are the main cause of climate change. The impact of this change is multiple on the environment such as: drought, water scarcity, salinization, frequent storms, glacier melting and sea level rising. Its impacts affects not only the whole population in the world but also the biodiversity. In addition, its negative effects are not limited to the environment; climate change touches the real estate in general and its value in particular.
Through this paper, the theme relating to the effects of climate change on the property value will be addressed. Indeed, the real estate market value is negatively affected by climate change impacts. Flooding, drought, water scarcity, water quality degradation, seal level rising are factors, which affect the property prices. An analytical approach is adopted to examine this issue based on laws texts, courts decisions, appraiser’s reports and the research findings in the field.
The study is engaged in a legal doctrinal analysis of law and scientific research findings. It analyses decisions from courts and tribunals related to the impacts of climate change on property prices in order to establish their views of climate change consequences in determining real estate values and who bears the responsibility of property depreciation.
This topic is proposed to not only assess the influence of climate change on the real estate appraisal and provide land appraisers with necessary tools to take into account the impacts of climate change but also to prevent the policy makers on how this scourge affects the economy by decreasing the value of one of the most important sector.
Conflict of Interest
The authors declare no conflict of interest.
Ethical Approval
Not applicable
Data Availability
The datasets used in this study are openly available at [repository link] and the source code is available on GitHub at [GitHub link].
Funding
This work did not receive any external funding.
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